U. of Pennsylvania dropout began buying commercial property in San Francisco after discharge from military 1946. At one time owned 20% of city's office space. Began selling out after the tech bubble burst: "San Francisco is a great city, but sometimes you have to play defense." Son, Douglas, now oversees family's various investment funds; owns more than 32 million square feet across the country. Daughter, Carole, produces Broadway plays. Family founded Joan Shorenstein Center on Press, Politics & Public Policy at Harvard; also sponsors programs at Stanford and UC, Berkeley. Liberal received Democratic National Committee's Lifetime Achievement Award in 1997.